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Norway clears Wintershall bid for Revus

Fri Nov 21, 2008 7:28am EST

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OSLO, Nov 21 (Reuters) - Norway's competition authority has cleared German oil and gas company Wintershall's $740 million offer for Norwegian oil company Revus Energy REVUS.OL, the companies said on Friday.

Wintershall, a unit of chemicals group BASF (BASF.DE), also received clearance from the British Department of Energy and Climate Change regarding UK oil and gas exploration and production licences held by Revus and its subsidiaries.

Wintershall was still awaiting approval from Norway's oil and energy ministry, they said in separate statements.

Last month Wintershall bid 110 crowns per share for Revus, a 145 percent premium to its previous market price. A day after the offer was announced, Swedish oil and gas group Lundin Petroleum (LUPE.ST) announced that it had raised its stake in Revus to 9.2 percent, triggering talk of a potential bidding war.

Revus has about 60 UK and Norwegian licences, including stakes in four producing fields -- Broom, Murchison, Veslefrikk and Brage -- and a number of potential commercial discoveries. (Reporting by Vera Eckert and Wojciech Moskwa; Editing by Greg Mahlich)



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